Covid-19: EWM introduces pandemic clauses into Bonmarché leases
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Edinburgh Woolen Mill (EWM) is reportedly introducing pandemic clauses into any new Bonmarché leases it is due to sign with landlords, after its owner Phillip Day bought the firm out of administration last year.
According to Retail Week, the new clauses mean EWM can agree on new Bonmarché store leases without having to pay upfront rent until the Covid-19 lockdown is lifted and non-essential retailers can open its doors.
Yesterday (16 April), the government announced an extension to the coronavirus lockdown for “at least” a further three weeks.
The decision was announced at the press briefing led by foreign secretary Dominic Raab. It also comes after Raab led an emergency Cobra committee and cabinet meetings about the continuation of social distancing measures earlier this morning.
According to reports, the clause could also result in rents being paused and even refunded by landlords should another pandemic hit in the future.
Earlier this year, Bonmarché was sold to Peacocks, part of Phillip Day’s Edinburgh Woollen Mill Group (EWM), after falling into administration last October.
